TCS, ASX Go-live with CHESS Release 1 for Cash Clearing

29 Apr 2026 CW Team

Clearing House Electronic Subregister System (CHESS) is used to facilitate clearing and settlement of trades in eligible financial products. It supports transfer of legal title through the CHESS sub-register and enables delivery-versus-payment settlement by transferring securities and cash between buyers and sellers. Release 1 of the CHESS replacement program delivers the new clearing component.

As part of the project, TCS implemented its TCS BaNCS for Market Infrastructure and Quartz Gateway solutions. The deployment provides ASX with a modern cloud-based clearing solution designed to be high-performance, scalable and resilient across multiple asset classes. The platform supports real-time trade novation and netting, complies with industry standards, and enables connectivity with multiple Australian exchanges. It also supports ISO 15022, ISO 20022 and FIX messaging standards.

TCS said the system has been benchmarked to process more than 20 million trades per day, supporting ASX’s future growth with improved resilience and scalability.

Tim Whiteley, Chief Information Officer, ASX, said, “Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia’s critical market infrastructure supporting post-trade clearing and settlement services.” He added that the successful deployment has enabled ASX to progress toward Release 2, targeted for go-live in 2029.

R Vivekanand, President BFSI Products and Platforms, TCS, said, “We are proud to have partnered with ASX on their modernization strategy and the successful Go-Live of CHESS Release-1.”

ASX is implementing the CHESS Replacement Project in two stages to reduce risk and manage change. Following the completion of Release 1, TCS, ASX and industry participants have commenced work on Release 2.

Tata Consultancy Services and the Australian Securities Exchange (ASX) have successfully gone live with CHESS Release 1, marking a key milestone in the modernisation of Australia’s post-trade clearing and settlement infrastructure.Clearing House Electronic Subregister System (CHESS) is used to facilitate clearing and settlement of trades in eligible financial products. It supports transfer of legal title through the CHESS sub-register and enables delivery-versus-payment settlement by transferring securities and cash between buyers and sellers. Release 1 of the CHESS replacement program delivers the new clearing component.As part of the project, TCS implemented its TCS BaNCS for Market Infrastructure and Quartz Gateway solutions. The deployment provides ASX with a modern cloud-based clearing solution designed to be high-performance, scalable and resilient across multiple asset classes. The platform supports real-time trade novation and netting, complies with industry standards, and enables connectivity with multiple Australian exchanges. It also supports ISO 15022, ISO 20022 and FIX messaging standards.TCS said the system has been benchmarked to process more than 20 million trades per day, supporting ASX’s future growth with improved resilience and scalability.Tim Whiteley, Chief Information Officer, ASX, said, “Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia’s critical market infrastructure supporting post-trade clearing and settlement services.” He added that the successful deployment has enabled ASX to progress toward Release 2, targeted for go-live in 2029.R Vivekanand, President BFSI Products and Platforms, TCS, said, “We are proud to have partnered with ASX on their modernization strategy and the successful Go-Live of CHESS Release-1.”ASX is implementing the CHESS Replacement Project in two stages to reduce risk and manage change. Following the completion of Release 1, TCS, ASX and industry participants have commenced work on Release 2.

Infrastructure Transport

15 May 2026

MMRDA Removes 1.14 lakh m of Metro Barricades

In a bid to ease congestion and improve urban mobility during monsoon, MMRDA has undertaken one of the largest coordinated barricade removal and monsoon preparedness drives across its ongoing metro and infrastructure projects.With substantial progress achieved in viaduct and structural works across multiple metro corridors, barricades from completed stretches beneath metro viaducts are being systematically removed, restoring maximum possible road space before the monsoon. Wider carriageways across key arterial roads are expected to improve traffic flow, reduce congestion, support better rainwa..

Infrastructure Transport

15 May 2026

Pune Division to Remove All Diamond Crossings by Year-End

The Pune railway division has announced plans to remove all 16 diamond crossings by the end of 2026 as part of a major yard remodelling project following the derailment of a Vande Bharat Express at Pune Junction on April 27. Railway authorities said the replacements aim to improve safety and streamline train operations across the busy station. The decision followed a Central Railway finding that the accident involved a non-standard diamond crossing and highlighted the need for replacement. Regular maintenance of existing crossings will continue until the replacement work is completed. Official..

Infrastructure Urban

15 May 2026

Goa Declares 80 Million Square Metres No Development Zone

The Goa state government has declared 80 million square metres (mn) of land a no development zone, designating the area as protected from new construction. The notification reclassifies tracts across the state under a no development category for planning and regulatory purposes. The declaration signals a formal halt to new building permits within the defined zone. Authorities indicated that maps will be issued to show broad boundaries while detailed surveys will refine precise limits. The move transfers responsibility for enforcement to local planning authorities and relevant departments, whic..